The spill-over from the financial crisis that started in the United States could soon make it tougher for Canadian business owners and corporations to borrow cash from their traditional sources, Finance Minister Jim Flaherty warned this week. Flaherty told a…
I am writing you today to provide some guidance on the impact of the ongoing financial crisis on the Canadian Merchant Funding business in general & specifically to Synergy Merchant Services. The most notable changes in our marketplace are as…
The Toronto stock market plummets more than 1,000 points, Monday, on continued panic over global economic slide, but it has come back to a 700-point loss, and climbed back above 10,000 points. Unfortunately, a credit crunch seems imminent for most…
Are you worried about the instability in the American banking & lending melt down, foreclosures and the long list of banks closing their doors? We're not immune up here in Canada. Well we are and we aren't. Allow me explain.…
A client of mine who owns a growing auto repair shop in Saskatchewan had been offered an opportunity from one of Canadas largest muffler repair franchises to expand and take on their name. That required him to upgrade his shop…
I had this client who had received money from an American merchant cash advance company. Unfortunately, this client got hooked into a "lock box" situation which required him to divert his batch out funds into a third party account which…
This particular client truly represented one of the most classic fits for a merchant cash advance. He had started his business at the beginning of last year and had an excellent summer and fall for pool openings and pool closures.…
Recently, Synergy Merchant Services started funding a major chain of gas stations across the Maritimes in Eastern Canada. We were actually contacted by the primary corporate head office to discuss funding options for a forced technology upgrade that all of…
Lock-Box/Trust Accounts/Pass Accounts This is where a merchant funding company requires merchants to open a new bank account in order to receive their funding. This account is controlled by the funding company until the advance has been repaid in full.…
This client had been selling heavy farm equipment for 25 years but one of the biggest challenges was not in finding clients to buy his equipment, but more for his clients who needed to find the funding to purchase his…